GLOBAL COPPER WRAP: China premium rises to over 4-month high

China’s import premium for copper cathode rallied to a more than four-month high in the week to Tuesday August 10, supported by a narrowing arbitrage loss and limited spot availability. Premiums in Europe and the United States were little changed in quiet conditions.

Shanghai copper premium sits at over 4-month high; EQ market rallies
China’s premium for copper cathode being imported to the country continued its rally over the past week, and now sits at its highest level since late March.
Fastmarkets assessed the benchmark copper grade A cathode premium, cif Shanghai at $50-68 per tonne on Tuesday, up by $10-13 per tonne from $40-55 per tonne a week earlier.
Fastmarkets’ assessment of the copper grade A cathode premium, in-whs Shanghai was $55-72 per tonne on Tuesday, up by $5-7 per tonne from $50-65 per tonne a week earlier. 
Sentiment has improved substantially since premiums began to recover in early July, and cargo-holders are in no hurry to sell in a rising market, which is limiting spot availability, sources told Fastmarkets.

“The market is moving fast, almost rising every day, and the further upside is likely due to the tight spot...


Sally Zhang

Ana de Liz

Yasemin Esmen

August 11, 2021

05:55 GMT

Shanghai, London, New York